Help with inherited investment account
Hi, I need some help/advice with how to best invest an inherited IRA from my grandmother.
Here is what is in the Edward Jones account I inherited (we all had to open an account to obtain our share).
$38k in cash
$13k in stocks
$31 in mutual funds
$10k in ETF's
$10k in bonds
I don't really know what to do with it. I have spoken several times with Vanguard about moving the money there. They have recommended an 80/20 stock/bond split.
I am 44 years old. I am a public employee that has a pension available starting at age 58. At that point I get 66% of the average of my highest 5 years salary. Outside of that I have an employer funded 403b that has $4500 that my employer contributes 2% of my salary to.
I also inherited part of a farm when my grandma passed. It is currently rented and my income would be $6k / year from that farm. I would like to sell, but not sure that is an option with the other parties involved.
1) What do I do with the Edward Jones Portfolio? Do I move it to Vanguard and invest it? If so, what should it be put into?
2) What can I do with the yearly farm income to invest?
3) What do I do with the required minimum distribution every year?
4) It is imperative that all of the inherited property remain my property and do not become community property. What do I need to do to keep these assets protected?
Thanks in advance for any help or suggestions. I am pretty lost on what to do.
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